And make sure the price of the home has been lowered significantly to account for this and it's not just 90K lower than comps. 

You’ll need to treat it like a business—handling tenant management, accounting, legal compliance, property maintenance, and more.That said, when done correctly, it’s a powerful tool for building wealth!

Though I am unsure how I would amortize the up front remodeling costs for P&L, tax accounting.2) Interest only loans term loans -  Would allow current owner to have cash flow on the property, without eroding the asset value. 

Sit back , let him build the house , and when its done , say " Thanks " You should check with a local land attorney and see what your options are 

I will definitely check out that area.

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Once we had the home inspection I was able to have the seller credit us at closing $8k...of which the escrow could not credit the entire amount and so I had the seller write up a personal check for $2000 How did you finance this deal?

I just did a Zoom call with an accountant, a lawyer, and someone who helps set up funds. 

This includes all charges paid, utility accounts set up, renter's insurance established, lease signed, etc.

When so many renters stopped paying rent during COVID, companies like SureVestor stopped taking new accounts because they were facing a significant number of claimes.I personally don't see it as a good solution.